Managing innovation in a globalised economy: Defining the open capital

ADLI ABOUZEEDAN, UNIVERSITY OF GOTHENBURG, SWEDEN
MICHAEL BUSLER, THE RICHARD STOCKTON COLLEGE OF NEW JERSEY, USA
THOMAS HEDNER, UNIVERSITY OF GOTHENBURG, SWEDEN

Abstract: Economies develop different levels of entrepreneurial capacity depending on the degree of availability of tangible as well as intangible resources. In an earlier work by Abouzeedan and Busler (2006), a new type of capital, that is, innovation capital, has been suggested to serve as an indicator for the degree of richness of the entrepreneurial environment in an economy. Innovation capital incorporates the concepts of human capital, financial capital and system capital. However, the issue of accessibility and openness in the innovation process also need to be reflected in the innovation capital concept. Innovation activities in the modern economies are growing to become more interconnected and open in their nature. In this paper, we defined and incorporated a new component within the innovation capital, namely open capital. We also reflected on how the four components of the innovation capital concept, including the open capital, are interconnected.Keywords: Open Capital, Human Capital, Financial Capital, System Capital, Innovation Capital, Open Innovation, Open Innovation Management